New Post from Andrew Brunhart
The U.S. Mint had great success, almost too much success for their own good. The U.S. Mint had seized the sales of its 2013 American Eagle silver bullion coins. Now there didn’t seem to be a problem with the coin, the fact of the matter is that the demand was just too high for the coin.
The record of 6,422,000 ounces sold in January 2011 was shattered by nearly 300,000 ounces (6,7000,000) which was sold between January 7th, its launch date, and January 15th. The company took on much more demand than anticipated and resumed selling the coin around the week of January 28th. Such a feat to break a record like this starts at the top of great business leadership.
Terry Hanlon, a frequent purchaser who buys directly from the mint and sells to bankers, coin dealers, and jewelers, has an interesting take on the situation. His personal business is through the mint is booming. Terry says, “We are very, very busy and we have been for the last several months. That would certainly reflect that people are worried that the financial situation in the U.S. isn’t going to get any better — so they’re buying precious metals.”
It takes a great business leader to find its niche in the market, and for a guy like Terry to be very busy in this economy today shows that he’s taking advantage of a great opportunity in the mint industry.
The U.S. Mint had a large task ahead of them in getting these coins minted and ready for sale soon. With demand there, people were waiting to invest in these 2013 American Eagle silver bullion coins. In the meantime, Peter Schiff, an economist and president of Euro Pacific Precious Metals, offered collectors an alternative coin to purchase. Schiff said other coins such as the Canadian Maple Leaf silver coins are just as good despite being minted by the Canadian government. Buyers may have been skeptical at first, but in order to continue their business, some were forced to purchase the minted coin from the Canadian government. It was great reassurance to know that the American Eagle coins were going to minted and ready for sale again in approximately 2 weeks.
via Andrew Brunhart’s Coin Collecting http://andrewbrunhart.org/2013/10/14/the-u-s-mint-is-booming/